VAN ORSDEL, Associate Justice.
Appellant, an Illinois corporation, appealed from a decision of the United States Board of Tax Appeals denying a reduction in its taxes for the year 1920. It appears that during the years 1918, 1919, and 1920, appellant was engaged in the business of buying and selling scrap metal, with its principal office in Chicago, Ill. Its return for taxes for the year 1920 was on the accrual basis. It reported in that year all the items of income...
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